100 Dong souvenir coins "overpriced" in the open market

Compared to the price regulated by the State Bank, 100-dong souvenir money is being sold at 3-4 times higher on social networks and the free market.

Since April 12, the State Bank of Vietnam (SBV) has organized the sale of “100-dong souvenir coins commemorating the 65th anniversary of the establishment of the Bank of Vietnam”. The souvenir coins issued by SBV this time have received the attention of many organizations and individuals.

100 VND souvenir money is being sold by many people at a price 3-4 times higher than the State Bank's regulated price.

According to the State Bank of Vietnam’s regulations, the selling price of souvenir money is 20,000 VND/piece for loose notes and 25,000 VND/piece for folders. Each individual can only buy a maximum of 5 of these special notes, so many people take advantage of the opportunity to buy 5 notes to give to friends or relatives.

However, due to the large number of buyers, the State Bank requires people who want to buy money to register via email. Previously, the bank only required people to bring their ID card when buying money. Registering via email takes more time and the time to receive money may also be longer. In particular, people in the southern provinces are still not able to buy this banknote as they have to wait for the sale of the State Bank in the southern region, expected to take place on April 22.

Faced with a large demand for souvenir money, many offers have appeared on the market with prices double or triple the price sold by the State Bank. According to a souvenir money seller on social networks, the average selling price ranges from 50,000 to 100,000 VND per note. Compared to the official selling price sold by the State Bank, the price of souvenir money on the market is many times higher.

On some sales websites, social networks... many individuals openly offer the service of exchanging 100 dong souvenir bills at prices from 50,000 dong/loose note and 55,000 dong/folder note... Some sites even push the price higher to 100,000 dong/note with a commitment of unlimited quantity, those who register quickly will be given priority to sell first.

Ms. Linh Trang (Giang Vo, Hanoi) - who bought a 100 VND souvenir banknote via Facebook shared: "I think this banknote is quite beautiful so I also want to buy 1-2 bills as a souvenir, but seeing people having to queue, even hiring someone to wait to buy at the issuing place makes me a bit discouraged. With that effort, I will choose to buy via Facebook, although the price difference is about 20,000-30,000 VND/bill, but I buy a small quantity so it is acceptable."

In addition to selling souvenir money on the internet, taking advantage of people's needs, some "black market" groups have also bought and exchanged money openly right in front of banks. The quantity is limited, so many "traders" even hire people to go to banks to buy money. The selling price of souvenir money on the "black market" has been pushed up many times higher than the listed price from the State Bank.

The selling price of souvenir money is 20,000 VND/loose note, 25,000 VND/note wrapped in an envelope with bilingual Vietnamese-English notes, but it has been sold in the bank lobby for 45,000 - 50,000 VND/loose note and the framed note is 55,000 VND.

The huge profit from reselling has caused many employees working at companies on Tong Dan Street and students to come here to “trade money”. A group of young men standing near the bank also shouted out the price of 50,000 VND/loose note.

According to some long-time collectors of money in Hanoi, most of the souvenir bills are always bought and sold online by people who exchange money at higher prices than usual. Because those are the bills issued on special occasions, or in small quantities after many years of issuance.

Therefore, there will be many reasons for traders to raise the price of banknotes. With the 100 VND souvenir banknote issued by the State Bank this time, the selling price is being pushed up in the market because these banknotes are very "hot" and have just been released. Partly because the banknotes sold at high prices have beautiful series, or more simply because some people want to do business to make a profit because they have to wait in line to buy them, so the price increases 2-3 times.

“However, if people want to own a 100 VND note, they should buy it directly at the point of sale, not only to avoid the price increase, but also to simplify the procedure. Online purchases are mainly chosen by customers who are not in Hanoi, but sometimes there are unpredictable risks. Not only is the purchase cost more expensive, plus the shipping fee, the amount spent to buy a 100 VND note is certainly 2-3 times higher than the actual selling price,” said a coin collector.

Faced with the increasing demand for souvenir money, to increase people's chances of buying souvenir money and avoid concerns that the sale of souvenir money will only be carried out for a short time, the State Bank of Vietnam recently announced that it will extend the sale of souvenir money until the end of the issuance period.

The weekly sales time is on Thursday and Friday mornings (from 8:30 am to 11:00 am) at two locations in Hanoi: the Issuance and Treasury Department (16 Tong Dan) and the State Bank of Vietnam, Hanoi branch (45 Ly Thuong Kiet). In Ho Chi Minh City, souvenir money is sold at the State Bank of Vietnam, Ho Chi Minh City branch and the Issuance and Treasury Department./.

According to VOV